mVISE (C1VX)

Business description

Founded in 2000, mVISE is a pioneer in German mobile software solutions with a large blue-chip client base, including Vodafone, Bosch and Deutsche Telekom. The group specialises in mobile business solutions, virtualisation and cloud-computing, and security software. Consulting contributed two-thirds of revenues in 2016, and act as a driver of additional revenues including own software sales.

Investment summary

mVISE is a leading German provider of software solutions in the areas of
mobility (apps, IoT, SalesSphere), virtualisation, integration (integration
platform as a service, iPaaS), security and enterprise data. Acquisition of
cloud software integration platform, elastic.io, has positioned the group
strongly in a rapidly consolidating, high-growth segment. The recent
acquisition of an SHS Viveon consulting team has added new consulting
verticals, geographies and much-needed capacity. mVISE looks
attractively valued on FY19e EV/EBITDA discounts of 31% to its consulting
peers and more than 82% to its software peers.